Recent Transactions

Canada

Timbercreek implemented a value-add program which included in-suite and common area renovations, building systems and structural improvements. Energy efficiency projects resulted in a 25% increase in efficiency and a 30% reduction in water consumption. An amenity renovation program, reorganization of building management and the addition of a concierge service was also implemented.

Location

Toronto, ON

Investment Timeframe

41 months

Purchase Price

$22.4M

Capital Investments

$4.0M

Dispostion Price

$39.4M

Realized IRR

33.0%

Equity Multiple

1.77

Canada

Timbercreek invested in the development of a 99-unit multi-residential building. The developed units were larger and of higher quality than the typical apartment stock in Victoria, serving an unfulfilled niche in the market. The building was constructed on-time and on-budget and achieved rents that were higher than the previously underwritten rents .

Location

Langford, BC

Investment Timeframe

31 months

Purchase Price

$13.5M

Capital Investments

$1.1M

Dispostion Price

$18.8M

Realized IRR

35.9%

Equity Multiple

1.92

United States

Timbercreek opportunistically invested in a 300,000 square foot shopping centre, tenanted by numerous national Tier 1 retailers. The asset is currently 98% leased and is expected to experience limited vacancies going forward, providing it with a very stable stream of cash flow. The business plan is to hold the Asset until the in-place mortgage matures (June 2017) and divest.

Location

Pittsburgh, PA

Hold Period

40 months

Acquisition Price

USD $71.3M

Performa Sales Price

USD $79.8M

Targeted Equity IRR

16.6%

Targeted Equity Multiple

1.6

Japan

Timbercreek entered into a partnership with GreenOak, to purchase and redevelop a Class B office building. The asset is located on top of a subway station in the Aoyama Itchome district of Tokyo, a popular office node in the city. This repositioning program is expected to take 24 months to complete and will allow GreenOak to increase rents once it is finished. After the asset has been fully released at the new rents, it will be sold.